WASHINGTON—Cheryl Xu, a director at 60 Degrees Pharmaceuticals, Inc. (NASDAQ:SXTP), has recently increased her holdings in the company. According to a filing with the Securities and Exchange Commission, Xu purchased a total of 14,000 shares of common stock over a series of transactions conducted between December 12 and December 16, 2024. The purchases come as SXTP shares have declined over 53% in the past six months, though InvestingPro data shows a strong return over the past month.
The transactions were executed at prices ranging from $1.45 to $1.85 per share, amounting to a total investment of $21,400. Following these acquisitions, Xu's total ownership in the company now stands at 54,078 shares. Notably, analysts maintain a $3.40 price target for the stock, according to InvestingPro data.
These purchases underscore Xu's continued confidence in the company's prospects. 60 Degrees Pharmaceuticals, based in Washington, D.C., specializes in pharmaceutical preparations and is incorporated in Delaware. The company maintains a healthy balance sheet with more cash than debt, though InvestingPro analysis indicates rapid cash burn rates. Subscribers can access 13 additional ProTips and comprehensive financial metrics for SXTP.
In other recent news, 60 Degrees Pharmaceuticals has announced several significant developments. The company's Q2 revenue doubled, primarily due to a 288% increase in pharmacy deliveries of ARAKODA, despite a net loss owing to increased operating expenses. The company also disclosed a private placement sale of shares and warrants, with H.C. Wainwright & Co. acting as the exclusive placement agent.
Further, 60 Degrees Pharmaceuticals has initiated a clinical trial in collaboration with Brigham and Women’s Hospital to evaluate the safety and efficacy of tafenoquine, a drug currently approved for malaria prophylaxis, combined with standard treatments for babesiosis. The company also secured approval from its shareholders for several key proposals, including the exercise of warrants, an amendment to its equity incentive plan, and a reverse stock split.
Ascendiant Capital maintains its Buy rating on 60 Degrees Pharmaceuticals, while H.C. Wainwright has maintained a Neutral stance. The company's recent developments also include the launch of a pilot program to increase awareness and usage of ARAKODA, its antimalarial medication. These recent developments are indicative of the company's ongoing efforts in the field of infectious diseases.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.